Financing on a Fixer Upper
Has anyone here with experience in getting bank financing for a fixer upper? I am interested in a house (designated historical) that needs to be rehabbed. It needs to have a/c installed, paint, new windows, hopefully mostly cosmetic work, although possibly some structure too - you just never know with older homes.
Does anyone know if it's possible to get a mortgage for this kind of property. I am certain the real estate agent wants a cash deal but if we pay cash for the property we will not have enough to rehab it, hence my question.